Facilitating heirs: SBP eases unclaimed deposit refund protocols
SBP waived condition of obtaining succession certificates from legal heirs for unclaimed deposit refunds.
KARACHI:
The State Bank of Pakistan (SBP) has waived the condition of obtaining succession certificates from legal heirs for unclaimed deposit refunds from accounts of deceased persons. The waiver is applicable to account holders or beneficiaries of instruments worth up to a maximum of Rs100,000.
According to a statement released by the central bank, the changes have been made to facilitate legal heirs of deceased bank customers in claiming petty amounts, instead of the cumbersome process of obtaining a succession certificate.
All banks and development finance institutions (DFI) can now initiate and submit pertinent claims to the State Bank if they are satisfied with the genuineness of the legal heirs demanding a refund.
The new procedure will require banks and DFIs to obtain a signed indemnity bond and refund application from all the legal heirs of the deceased, two personal guarantees and the Computerised National Identity Card and death certificate of the deceased. The banks and DFIs will also be required to indemnify SBP regarding any risk, loss and legal cost in the matter.
Published in The Express Tribune, February 8th, 2012.
The State Bank of Pakistan (SBP) has waived the condition of obtaining succession certificates from legal heirs for unclaimed deposit refunds from accounts of deceased persons. The waiver is applicable to account holders or beneficiaries of instruments worth up to a maximum of Rs100,000.
According to a statement released by the central bank, the changes have been made to facilitate legal heirs of deceased bank customers in claiming petty amounts, instead of the cumbersome process of obtaining a succession certificate.
All banks and development finance institutions (DFI) can now initiate and submit pertinent claims to the State Bank if they are satisfied with the genuineness of the legal heirs demanding a refund.
The new procedure will require banks and DFIs to obtain a signed indemnity bond and refund application from all the legal heirs of the deceased, two personal guarantees and the Computerised National Identity Card and death certificate of the deceased. The banks and DFIs will also be required to indemnify SBP regarding any risk, loss and legal cost in the matter.
Published in The Express Tribune, February 8th, 2012.